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>>> you're watching "worldwide exchange." i'm ross westgate. a recap of the headlines. the u.s. government says it is still seeking an international coalition on syria, playing down speculation it will go alone. this after british lawmakers vote against taking action for the alleged use of chemical weapons. >>> volatility continues ahead of india's crucial gdp release with growth expected to stay below 5% at decade lows. >>> and shares of kpn plunge after carlos slim and america movil says it could drop the bid for the telecom group following a dutch foundation's move to block the takeover. >>> zurich insurance says it is looking into whether undue pressure was put on its late cfo before his death. also confirming the presence of a suicide note that mentions joseph ackermann. >>> hello, welcome to the last "worldwide exchange" of the week. plenty to get through, though, on today's program. l'oreal jumped. is the world's biggest cosmeticmaker putting on the final touches to buy a stake of nestle. >>> hamburg is one of the world's busiest ports. we'll be in hamburg to discuss at
of the u.s. retail sales later on today. gilts, the yield at 2.49%, just below that 2.5% level. we did see it above that level, about half an hour ago. now, of course, we get uk inflation data for the month of july. that will be a key focus for the gilt markets and the sterling dollar up here, which is currently unchanged, changing hands at 154.64. aussie dollar we did see confidence at an eight-month low, down by .1%. and dollar/yen, seeing that strong surge following yesterday's gains, up by .9% in today's session. look, there is these reports in the nikkei newspaper saying that shinzo abe may offset the rise in the consumption tax with a cut in the corporate tax. these reports aren't new, but certainly fueling that rally in the nikkei today and leading to a lower yen. now, let's check in on markets in asia. li sixuan is in singapore. good afternoon to you, sixuan. >> thank you. the market lagered yesterday and was the top gainer in today's trade. rallying 2.6%, helped by a weaker yen and hopes of a lower corporate tax rate. the rest of asian markets also broadly higher. the shanghai com
program in the entire middle east. we know that the regime has used those weapons multiple times this year, and has used them on a smaller scale but still it has used them against its own people, including not very far from where last wednesday's attack happened. we know that the regime was specifically determined to rid the damascus suburbs of the opposition, and it was frustrated that it hadn't succeeded in doing so. we know that for three days before the attack the syrian regime's chemical weapons personnel were on the ground, in the area, making preparations, and we know that the syrian regime elements were told to prepare for the attack by putting on gas masks and taking precautions associated with chemical weapons. we know that these were specific instructions. we know where the rockets were launched from, and at what time. we know where they landed and when. we know rockets came only from regime-controlled areas and went only to opposition-controlled or contested neighborhoods, and we know, as does the world, that just 90 minutes later all hell broke loose in the social media. with
. it looks like the u.s. is very close to military action in syria. that tough talk also sent stocks lower and gold higher. we'll have the latest on this developing story from damascus to washington to weight. >>> another developing story, the debt ceiling battle is heating up. treasury secretary jack lew has sent a letter to boehner, warning twha the debt limit will be r50e67d in october. how will the gop respond? and don't forget about the economy. more evidence out today there will be no second-half economic rebound. does that push the fed taper way back? might your mortgage rates be coming back down? all those stories and more coming up on "the kudlow report", beginning right now. >>> this is "the kudlow report." first up, the u.s. getting closer and closer to military intervention. secretary of state john kerry left little room for doubt. nbc news's steve handelsman has the details. >> good evening, larry. keep in mind the united nations investigation is not complete. this is the unilateral conclusion of the obama administration, presented dramatically today by a man not usually given
>>> you're watching "worldwide exchange." i'm ross westgate. your headlines today. the u.s. and uk governments agree there is no doubt the syrian regime used chemical weapons, raising expectations of a coordinated military response and pushing oil prices to two-year highs. >>> global markets continue to sell off as well on the prospect of further conflict in the middle east. emerging markets hit hardest. india's rupee plunges past 68 to the dollar. >>> weak shares buck the trend. a better than expected second half outlook as its cost cutting plan pays off. >>> and bond investors await answers from mark carney. the governor is expected to defend forward guidance in his first speech at the helm for at the bank of england. good morning to you. u.n. secretary-general ban ki-moon is delivering a speech from the hague to mark the 100th anniversary of the u.n. peace palace. reports that u.s. and allies are preparing for a potential attack. we'll keep our eyes on that. also coming up on today's show, we'll be out in berlin in a few minutes. we'll hear from a senior met of the social democr
in verizon wireless. reports say the u.s. group is looking for more than, i'll repeat this number, two times, $100 billion for the stake. when you talk about big m&a deals, this would be the return if it happens. also, it is a official this morning, bill ackman through with the jcpenney stake. he has sold that entire 18% stake for the retailer. the price tag, only $12.60 a share for it. he had paid almost double. and that's nearly half the average 25 shares he paid when he first invested and that investment was originally made in 2010. >>> u.s. government and swiss banks near tax probe deal. the goj expects to announce a new program within days. the program would allow some swiss banks to avoid or at least defer prosecution under a probe of offshore tax dodging by americans, but it will exclude 14 swiss banks that are already under investigation. joe, i don't know where that leaves you with your account. >> i have a bank that is, like, owned by a swiss bank, but it makes me feel like i have a swiss bank account. but all the way back to ge's purchase of remember long ago, we can trace it all
.m. on wall street. welcome back to the "closing be bell." the likelihood of u.s. strikes in syria over wall street. s&p 500 wrapping up the worst month since may of last year with some selling into the close. we're down by 37 points. >> here's how we're finishing the day out. another down day to close out the down month, dow jones down 37%. interesting some traders might want to go into the long weekend with the possibility of a strike against syria with some money in this market but we'll see what happens. nasdaq's down 30 points. s&p down 5.5. an ugly month for stocks as the threat of military action in syria hangs over the nation and this market, bob pisani. >> what was interesting, i think we should put up president obama's key statement here today because the president and secretary of state john kerry also spoke today. president obama came out and said, we have not made a final decision on actions that will be taken. that's the key point here. he also made it clear that it will not involve -- any action taken will not involve any boots on the ground. i think that's the major headline
and i will see you tomorrow! >>> cause a syrian sellout. nbc news is reporting that a u.s. led three day military strike against syria could begin as soon as thursday, but it could go longer. and the markets are already reacting very strongly. stocks finished way down while oil and gold shot up. we have the latest on this story from the political and financial angles including the call by wall street journal columnist stevens to kill bashar al assad. mr. stevens will be joining us in just a few moments. "the wall street journal" editorial page, meanwhile, is calling for regime change. the white house says that's not what it wants to do. and i don't get that. another big story tonight is the debt ceiling battle. treasury secretary jack lew on cnbc this morning said president obama will not negotiate over the debt ceiling bill and now it looks like a battle royal is brewing in washington, d.c. these stories and many more coming up in "the kudlow report" beginning right now. >>> good evening, everyone. i'm larry kudlow. this is "the kudlow report." in a major developing story, nbc news is r
of the website wikileaks, is under legal and personal attack from the u.s. government for publishing military and diplomatic secrets. when we met him, he was under house arrest in the english countryside, where we conducted the most extensive television interview he's given about his life, his beliefs, and his concern about being charged and extradited to the united states. >> it is completely outrageous. it is the worst form of censorship we have seen by the united states since the 1950s, since the mccarthy era. >> are you surprised? >> i am surprised, actually. >> but you are screwing with the forces of nature. [ticking] >> [blows whistle] >> you might not think of sugar, corn, or metal as material that can cause a catastrophic explosion in a factory. but when they're ground into dust and suspended in the air, all it takes is a small spark to set off a disaster. >> if this material were gasoline, there would be no doubt in any owner's or operator's mind what needed to be done. >> that would be an emergency. >> absolutely. >> is dust functionally the same thing? >> it has the same power. >>
. >>> the terror threat is real, the planned attacks are massive and the u.s. embassies are staying shut down for another week. that's what several u.s. sources are saying about an alleged al qaeda plot against u.s. interests in the middle east and africa. one source says al qaeda is back and stronger than it was before 9/11. after the bell stunner, jeff bezos buys "the washington post" for $250 bucks. and the bankrupt city of detroit starts the process of putting its priceless museum artwork up for auction. you wouldn't believe how much it could be worth. all those stories and much more coming up on the "kudlow report" right now. good evening, i'm larry kudlow. this is the "kudlow report." first up tonight, breaking news, jeff bezos paying $250 million for "the washington post" newspaper. a few days ago boston red sox owner john henry bought the "boston globe" for the bargain basement price of only $70 million. what is going on here? why will these foes succeed while others have failed. joining us is our own julia boorstin. why will they succeed where others have failed in. >> i think the qu
for military action. we'll have more from john harwood in just a few minutes. >>> here in the u.s., dozens of wildfires burning this morning across the west. one of the most severe is raging out of control in the mountains of northern california. the latest reports say the giant wildfire has charred 15,000 acres within yosemite national park. a live report from scott cohn who is on the ground there in the next hour. joe. >>> let's check on the markets this morning around the world. talk about the u.s. first. kind of a healing week last week after a couple of rough ones. but not a lot of great action today. if you are hoping for a rebound in the averages, down about 18 points or so. as far as energy prices, we'll take a look at the oil boards right now. we've got not a whole lot happening. 106 or so. the dollar's been quiet recently as the euro's been around 1.33. there's the ten-year at 2.82. a lot of people going to watch obviously what happens there. a lot of the equity action on what happens. 2.82. we can take that a little bit more than when we were thinking about it. been there. kind
>> president obama believes there must be accountability for those who would use the world's most heinous weapons against the world's most vulnerable people. >>> and u.s. treasury secretary jack lew issues a warning to congress, saying the u.s. could run out of cash to pay its bills by mid-october if they don't raise the debt ceiling. >>> all right, warm welcome to you. i am back. we kick off with the latest, probably the most important sentiment indicator in germany, the ifo business climate has risen. i'll tell you what it's risen to in a second, 107.5, a little higher than the forecast of 107. the consensus was for the current conditions index, 112. so, current conditions 112. the expectations component 103.3 in august versus the reuters consensus of 103, so a little bit broader. ifo has no revisions to the july indices. let's get a breakdown on this. on the phone from munich, an expert at the ifo institute, helped to compile this story. doctor, good to speak to you. it's been a while. thanks for joining us this morning. what's the key takeaway from what this survey says about
, particularly in europe, and also in the u.s. on the other hand, you see also a kind of slowdown in some traditional high growth emerging markets like brazil and marginally so in africa. >>> we speak to the ceo of rival carlsberg in just half an hour's time. that is a first on cnbc. >>> and a bailout bat unttle in german politics. wolfgang schaeuble breaks the party line saying greece could get another aid deal. >>> good morning, everyone. welcome to a brand-new edition of "worldwide exchange." the stoxx europe 600 is down around .1%. we're in a holding pattern ahead of the fomc minutes out later today. european markets are around a two-week low, after a big decline in yesterday's trading session and the picture is looking a little more mixed this morning. the xetra dax is off by .2%. the ftse 100, once again, underperforming. this market is now off some 3.5% this month alone. but today it is also being weighed down by some of the stocks which are trading ex-dividend. among them, hsbc. ftse mib seeing some bright spots, up by .3%. what is keeping us busy in europe is, of course, earnings
if it takes action on syria. that's the threat from president assad as u.s. experts are allowed now to visit the site of an alleged chemical attack. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >> hi, everybody. welcome. you are watching "worldwide exchange." we're with you for the next two hours in good company, i hope. we've got a lot of guests lined up. and on today's show, despite the ongoing success of south korea's export economy, is it time for change? we have a special report in about 15 minutes' time on that front. >>> maverick australian billionaire clyde palmer is running to be the country's prime minister. can he succeed? we'll be hearing from down under at 10:30 cet. >>> this week we're also bringing you a whole series of reports on the risks and rewards of investing in frontier markets. this is interesting. >>> at 10:30, we'll kick off with a report on why frontier economies are avoiding the emerging market slump. >>> and do you remember when greece was key to europe's economic future? at 11:00 cet, tune in to hear why credit suiss
low until the middle of 2015. the dow is down 93 points in the end of the session. joining us for more is kevin doran, senior fund manager at branchially kimling. we did have u.s. stocks up record highs during the week. it sort of seems like we have been priced for perfection. what is the risk over the next couple of weeks, do you think? >> i think the risk you got over the next couple of weeks is the markets rely on easing, production of new money, and, of course, as the economy does pick up, you would think that would be good news. but market is interpreting that as bad news because that leads to a quicker taper. >> yeah. earnings, what do you think of earnings? >> earnings on the whole have been okay. really sector by sector. the banks have a strong reporting season. but elsewhere you're not seeing a lot of top line growth. it is a combination of cost causing measures, not great in terms of top line growth and that's causing pause in the main stable market. on the flip side, you have the banking sector which i consider one of the strongest reporting seasons for some time. >> we'll t
to this indiscriminate use of chemical weapons. but make no mistake. president obama believes there must be accountability for those who would use the world's most heinous weapons against the world's most vulnerable people. nothing today is more serious and nothing is receiving more serious scrutiny. thank you. >> secretary of state kerry there with a forceful response to sir why's use of chemical weapons. the united states says it has undeniable evidence that it was used on citizens last week and the secretary pointed out that he had reviewed video from the aftermath of that attack last week and was struck as a human being and as a father by the video, mandy, of that father holding his young, dead child as a result of that attack. we welcome you now to "closing bell" for cnbc. >> we were just listening, of course, as secretary of state kerry and, you know, bill, it was heart wrenching, sol of the commentary he was making. of course, one of the big things he said was accountability. someone needs to be accountable for this. and also, that our basic sense of humanity is not only offended
to pay. absolutely. [ticking] >> billions of dollars is coming from this office to help bail out the u.s. economy. why is it so unique? because it is in beijing, headquarters of the china investment corporation. how much do you have to invest? >> we have $200 billion. >> $200 billion? >> $200 billion. >> this is the fund's president, gao xiqing. he has poured billions into investment houses on wall street, causing some concern here in the u.s. >> "we think, based on your historical behavior, china, that you're gonna do mischief in our economy." [ticking] >> hey, how you doing? >> oh, i'm doing well. how are you doing, sir? >> how you doing, scott? >> good to see you. >> is davos the most important meeting on earth? >> well, the top of the alps is a long way to come for the rich and powerful, but you'll run into billionaire george soros; eric schmidt, the guy who runs google; nobel prize winners; captains of industry; kings; and even a queen. >> lot of the work is done just sitting in the cafeteria in the congress hall and just seeing people pass by and discussing things. >> the queen han
a situation in nigeria which is giving us some concern. >>> japan's top consumer electronics companies on the road to recovery. sony and sharp both deliver better than expected earnings. analysts aren't sure if that's enough. >>> warm welcome to the program. we kick off with eurozone manufacturing pmi growing for first time in two years in july. factory outputs surging. markets using pmi up to 53.3 in july. from june's 48.8. revised slightly higher from the preliminary reading of 50.1. and over that 50 threshold for the first time since july 2011. follows a string of fairly good or more promising economic data out of the eurozone. unemployment also falling slightly. did revise actually the june number. still near the record high. euro/dollar during the session tracking down, 1.3232. was 1.33 post the fomc and u.s. data as well. just got the greek component of that. it hit a 3 1/2 year high in july as well. so that little bit of data will play into the ecb's discussions. but by how much? jeff and annette are in frankfurt for us with the decision today. hello to you both. jeff? >> good m
. >> reporter: this is about two things. number one, the u.s. federal prison system is unbelievably overcrowded. since minimum mandatory sentencing took effect in the early 8 s. we have 25% of the world's prisoners. but there's also a community problem, a personal problem, being locked up say many experts in this field for relatively minor offenses takes a toll on an individual, on a community, on family. today i spoke to marcia montgomery. she says two of her nephews went to jail for ten years for pot. >> it does a lot of damage. it broke their spirit. they act like nobody cares about them. >> reporter: holder in effect today agreed. >> too many americans go to too many prisons for far too long. today a vicious cycle of poverty, criminality and incarceration traps too many americans and weakens too many communities. >> so should we get rid of mandatory minimum sentencing for some drug offenses? a former drug czar sounding a note of caution. >> you do need the threat, the tool, the coercive threat of incarceration to get people to comply with court-ordered drug traems. >> eric holder is orderin
&p is down 2%. show us the interest-rate sensitive group for the month. the s&p down 2%. 8% decline in reits, 5.5% in utilities, 4% in telecom. that's where the damage is. when is somebody going to say bonds are starting to look attractive? here's the lqd. it's down 10% in the last month. this is the biggest corporate bond etf out there. today, the yield is 4% on this. 4%. now, i'm sure there's corporate bonds individually yielding 5% with durations not too far out there. it's starting to look attractive. that's at least my opinion. i'm waiting for somebody else to start saying that. i think bonds are poised to do well after the september 17th fed meeting. a lot of people seem to feel that way. if bonds are being sold, here's a question people are asking, if bonds are being sold and stocks are being sold in the united states, where's the money going? a lot of people have been putting money into europe in the last couple of months, but look, europe is starting to look topee. it topped out in the middle of last week. the big question here is, where is the excess money going to be going, and a
it is an opportunity. >> delta airlines long. >> international paper great way to play in the u.s. >> medical device syk. >> power lunch starts right now. >> power lunch and the second half of the trading day start right now. >> welcome to power lunch. that wild fire spreading right now. power and water for san francisco could be cut off. we are live for you. they have returned from the site of a chemical attack. is the u.s. expected to attack? we will talk about that with richard engel. we have the attorney who may change the way that americans invest in bonds forever. >> after steve ballmer steps aside, which chief executive is soon to follow? >> david? >> hey, sue, how are you doing? >> we are going to start with these pictures. the fire burning around yosemite national park. it is getting worse and threaten ing california. the latest word from the governor's office is that the water and power in san francisco is holding. the danger doesn't seem quite as bad at first. san francisco is 180 miles from here. the water and power supply come from the reswear which is in the park. crews have been tryin
things back today. is the u.s. attack on syria coming sooner, later, or not at all? the markets meanwhile are clearly rooting for no attack. any time kerry or president obama made hawkish comments stocks fell. when they were more dovish stocks rallied back. stocks finished on another down note. considering all we've been through this summer, the markets have been pretty resilient. meanwhile another conflict in washington gearing up. the fight over debt ceiling, government shutdown, sequester, taxes all that continues. meetings between the gang offing eight and white house negotiators broke down. all that and more coming up on "the kudlow report" beginning right now. >>> good evening, everyone i'm larry kudlow. this is the cut low report. you heard my interpretation of today's speeches. john kerry talked tough in a stroke and brilliant speech. president obama on the other hand seemed to walk it back. let's go cnbc john harwood. he's live in washington for us this evening. first of all, thank you, john and second of all, good evening. what can you tell us? >> reporter: i don't think preside
. the reason the strength in the euro has been attributed to worries about the u.s. economy. please, that's just the press being too negative again. it's europe's strength. not u.s. weakness that's driving the currency. the turn in europe is happening so swiftly that u.s. companies just reported beginning to see the strength, only in the mid part of the quarter. that's right, they saw the strength only in mid quarter taking companies so by surprise, they're mostly in disbelief. mostly the gigantic auto companies like ford and gm. they didn't anticipate this turn around. the tech supermarket with business in europe will tell us the same thing when we speak to them later in the show. how much do i believe in this european turn? there are still plenty of skeptics out there, i like that, i am not one of them. my charitable trusts have been buying outsized position in vgk. trust has also bought a ton of ebay, which is the u.s. company this quarter that complained the loudest about european weakness. don't forget the europe's use for google and apple. i am a big believer that this is an importa
it happened. we'll have the very latest on that. phil is monitoring that for us, coming up in a few minutes here. >> a tough story there. >>> let's look at the market as we approach the final hour. as the bell sounds in about an hour. the dow is down 105 point, just shy really of the low of the afternoon. nonetheless, triple digits in the downside. two-thirds of 1%. 15,345. last trade of the blue chip average. nasdaq, similar chart. a steady decline for the last couple of hours, down about 9 points, .25% at 3,675. check the s&p 500, at a two-week low now, the stand & poors and a decline there of about 7 points. >>> let's talk about today's market action and, in fact, what's going on this month now that the dow is negative for august. joining us in the "closing bell exchange," jeff from lpl financial, adam thurgood from high tower and our own rick santelli. jeff, do you think they'll begin tapering in september? >> i do. i know that it's a controversial talking point here. listen, we've seen the data come in. we've seen the retail sales numbers, the ism numbers, the jobless claims. all of th
picks up the ball right now. >> hello, welcome everyone, i'm sue herera, tyler is out today. the u.s. prepares for some sort of strike against syria after last week's suspected chemical attacks. >> yes, we have team coverage on the military situation and indeed the market impact. we start with we're down 130 on the dow. >> no rebound as all. the day traders in this market will see no bounce at all, may be inclined to get out more. you need a bounce and we're not seeing it. we're down several days in a row, not only stocks but interest rates on downside and that's key here. look at this, down 6% here. emerging markets. 6% and 7%. they trade in the united states, exchange traded funds, turkey, thailand, all down. the transports are the weakest major down today because of the airline stocks. that's not a surprise. crude rallied to a 6 week high. these are steep declines, airlines have had a good year as profits have increased and we have the yield curve flattening as well that usually means trouble for bank stocks, wells fargo down 2%, morgan stanley to the weak side. gold up, you say f
santelli, also with us joe la voin i can't and jared bernstein. rick santelli, such a pleasure to have you back on the show. i go to you first. rick, your jobless claims have come down, lowest since november '07. food prices are actually falling in a new report today. that's great for consumers. and what really caught my eye was that serious u.s. mortgage delink gwe delinquencies a five year low. maybe things are better. >> all i can think is maybe we overestimated some of the down side whether in u.s., europe. but i think we're overprizing stabilization. i think positive things are happening, but then again, time does heal all wounds. and if things were so absolutely green shooting oig, and we're used that term before several years ago, we shouldn't have to use it twice. either they're green shoots or just vines and i can't tell which you. but i will tell you this, it's a circular argument. if things were as good as where he want to paept thint them, th can't the fed vacate the premises. why can't bank of japan vacate the premises and why can't europe vacate the premises from the standpoi
the line here as we continue to watch for lines of any u.s. action in syria. the spike in oil is very real today. we hit $112 earlier this morning and the highest in more than two years and currently below that level. gold is also near 1420 and closer to 1430 now before closing below 1400 for the first time since june. markets around the world are holding their cheollective brea as the allies and the u.s. weigh options against syria. >> and such at a tack on syria could send crude surging to $150 barre barrel. >> and jpmorgan is going to settle lawsuits settled from subprime mortgages. >>> the nasdaq and the s&p coming off of the worst levels. and the fears of u.s. may attacking syria in the next few days, stocks are posting the biggest drop in eight weeks on the syria concerns. there is some line of thinking, jim, because today is a big event on the national mall anniversary of the "i have a dream" speech, that the president may not act today and he is overseas and so a window of thursday and friday where if they are going to dit, they will do it. >> i read the speech again and i have to
to "the closing bell," i'm bill griffeths. >> maria is back next tuesday. john kerry serving notice the u.s. is preparing to act on syria. we are following escalating developments for you as the stock market is in the final hour of what looks to be the worst month for dow and s&p 500 since 2012. >> i will point out market's response to syria remarks has been muted, also very few traders out there on this friday before labor day weekend. >> seems there was a mild reaction to the downside. bob pisani noticed when john kerry was taking a harder line, the dow dropped ten points. when he took a softer stance and reiterated no boots on ground, not open-ended, words like that, it seemed like the market came back to where it was prekerry's speech at the moment. where we're sitting at the dow is we're off by just 0.2%, down by 26 points. the nasdaq is down by 27 points. off by 0.7%. and the s&p 500 is down by about 4 point. let's get to bob pisani because you've been watching tick by tick the developments and all the speeches we've been hearing, rhetoric with regards to syria. give us a bit of a wal
, though, a downer for the broad market. bob pisani, put things in perspective for us today on the heels of what has been a record setter for this market. >> reporter: the big story is the constant commentary from the fed officials here. let's take a look at that, because that will determine what happens in the next couple of months. the bottom line is the fed hawks and fed doves seem to be aligning, and the concept is tapering is imminent. if not in september, certainly by december. unless the data completely falls apart. the head of the cleveland head came out today, not a voting member, but she said she is prepared to scale back bond buying if the labor market improves. she is considered to be a moderate. all of them are saying essentially the same thing at this point. look at the dow. almost went positive late in the day. not quite. the bottom line is, the bond market -- the stock market and the bond market, neither one of them, are particularly falling apart as we've had this chorus of fed officials -- doves, moderates, and hawks -- all come out and say the tapering is imminent. loo
with us, the equally formidable president obama's former chair of the council of economic advisers, that being austan goolsbee. he is now a professor at the university of chicago booth school of business. he's going to to defend all of obama's command and control policies. and we have jim peth kooukas of the american enterprise institute who writes the problem is slow growth, not overly rich ceos. and jim paulson, chief investment strategist with wells capital management. welcome, everybody. i begin with my pal austan gals booe. because of obama care, because of tax threats, because businesses are not willing to unlock their purse strings, is there any reason to assume the economy is going to get better in the second half? and the second half was about the same as the first half, which is lousy. and this whole recovery is the worst recovery since world war ii. >> okay. first of all, you're lucky you've got jimmy p. over there defending you because if i was here i'd be coming after you. but look, i have not been a big bull for the calendar year 2013. not at all. i think the u.s. gro
. >> okay. alan valdez thanks for joining us. that's a look at the first hour. let's get to a full second hour as we make sense of this day and look ahead to the next couple of days on the second hour of the "closing bell". >>> it is the 4:00 hour on wall street. we welcome to you the second hour of the closing bill i'm bill griffeth along with michelle caruso-cabrera who is in for maria bartiromo. stocks snap that two day losing streak despite concerns about syria. >> the dow jones industrial average higher by 50 points. >> dow on course for its worst month in over a year bob pisani. any more? >> we were down 3% on the s&p 500. let's put up the dow jones industrial average. not today. not because we had any positive news we just didn't have much news. we didn't have a lot of headlines around syria. let's call it a relief rally. put up the full screen. did droop a little bit. lack of headlines for syria is what was lifting the stock market today overall. we've seen a gap between secretary of state's announcement a couple of days ago and actually action and today that worked to everybody'
and what's happening there. joining us now to help break down the action on the markets is heather hughs. greg from the economy. dennis guardman from the guardman letter. welcome. >> welcome, folks. >> dennis, what did we learn on the market today? >> i'm not sure what we learned today given that oil prices collapsed. brent losing to wti, that's important. >> all of those either divergeant or convergent and quite honestly, i'm confused. >> i'm with you, dennis. you are the great fed watcher. >> a strong 2.5%. job claims are down. and bond yields go down, not up, as you would think they would if they are thinking the fed tapering is coming soon and dollar going higher today. >> you know, gdp data is not as strong as headline suggested. most of the contribution was from exports an inventories. hard to see exports making big contribution given the slowing you see in emergency markets. i think that's more important to the fed than gdp numbers? >> heather, i hope have you answers for us. >> no. greg is the econ con mist. >> do you get calls saying, what's going on with my money? >> yeah, righ
the economy starting to stabilize. business expanding for the first time in 18 months. the market using composite purchase managing index up to 58.5 from 48.7 in june. breaks the 50 threshold for the first time since january 2002. headline figure revised up a tick from the permanent reading of 50.4. slightly better. that's just taken the euro/dollar to the best levels of the session at 132.89. below 133. trading tight ranges on euro/dollar. joining us is jonathan tapper. nice to see you today. the pmi is now almost just about in expansion territory for europe. are you confident that we finally got -- after two years we finally got some sustainable growth coming back? >> i think that this is a cyclical upturn. we are seeing some improvement. varying perceptions. the research firm i run, work with, we have leading economic indicators. what's interesting, a lot of this upturn is improvement we're seeing, was really flagged beforehand by the upturn in some of the leading indicators we had seen. so yield curves, steep end in europe. particularly last year after draghi's speech where he said
,700 level for the third day in a row and nasdaq helped by apple. starting the week in the red. joining us for more, we begin with the market panel, paul from heritage capital, doug from riverfront investment group, kenny from o'neil securities, who's just finishing up trading and will join us shortly. guys, welcome. paul, let's kick off with you. we're looking at the start -- negative start, down about 46 points in the dow. how worried are you? >> i'm not worried. i mean, listen, the market's had a great run. last week, a great run since june 24th. even if you went down 1%, 2%, 3%, i think it's just a tiny little dip. it's barely a rounding error. and the markets, to me, are clearly headed higher in the short term. >> doug, you buying into this weakness, as well? >> yeah, i think we are buying into this weakness. we also are finding that the u.s. has had a really great run, and, you know, the whole point of making your most money when reality and expectations are in disalignment, that's not the case right now in the u.s. things are good and people recognize that. i think the real opportun
the book on media ken aletta joins us. first to my partner ty down at the nyse today. >> thanks very much. the dow down again today. hit its lows about 11:00 and then i got in the car to come down here and then it started to come back. each passing block, as i drew nearer, the dow industrials rose a little higher. nonetheless, down about 82 points, about half a percent over the past couple of days. we're town 1%. 15,530.19, well above 15,000, up about 18% year to date as you see on that chart. let's take a look at the s&p and see where it stands, down again half a percent at 1699, nipping below 1,700. the nasdaq off 22 points, two-thirds of a percent and the russell, after sort of high after high at 1053 right now, down 9.99 points. ten-year note, there you see the yield at 2.66 and change, and gold down $19 an ounce at $1,282. that's the first time below that -- i guess below 1300 in a couple of weeks for gold. let's get some of the trading action here with bob pisani. a little fed speak, a little whatever. >> believe it or not, this is practically the weakest day since the end of june.
of not terrible news may make it pop. >> all right. that does it for us. have a great rest of the day. "power" starts right now. >>> "halftime" is over. the second half of your trading day begins now. >> a major airline merger grounded by the justice department, at least for now. how will u.s. airways and amr fly forward? the markets, a big story today. the dow deteriorating as you see there. well, deteriorating no more, ladies and gentlemen. look at that. it's come back in just the past few minutes, higher by 44 points, right now at 15,463. we're following, yes, that florida sinkhole. here it is. evidence. how can you tell if your property or the property you want to buy is in danger? we'll explore that one and more later this hour, but first to sue at the nyse. >> yeah, big recovery in the market which we'll get to in just a second, but we're starting with the still developing story. the justice department grounding the planned merger between u.s. airways and amr corp. investors not happen we either stock, as you can see. u.s. airways down 7.5%. amr is down had 43% to $3.33. phil lebeau is
securities, and also weighing on the market, the airlines got slammed. u.s. air down about 13%, as the doj decided to block the u.s. air/united merger. the big question here, they didn't block the other two mergers. why did they block this one? guys, it has people down here really scratching their heads. back to you. >> all right, thank you so much, bob. the news cycle definitely keeping us busy this august. it doesn't always do that. >> no, it does not. >> we're thankful for that. we want to talk more markets. another big story of the day, and joining us to break down the day, jeff from russell investment, mike from yahoo! finance and our own rick santelli. jeff, i want to start with you. we've seen the s&p 500 sort of creep higher, melt higher, if you will. the volatility is also falling. but everyone keeps saying volatility will be the breakout in the next couple of months. what are you looking for on the vix and what are you seeing in the world of volatility? >> i don't think we have a straight vix forecast, but i would say that we think that there are going to be fits and starts as fa
the discussion. joining us is ralph from altera, ryan, rick, and, guys, thank you for joining us. al, i want to start with you to get the fundamentals going. are you buying into this market? >> the short answer is, yes. in the ridgeworth allocation strategy, i'm looking for favorable entry points into attractively valued assets. going back to some of the comments made earlier, i like what i'm seeing overseas, particularly in europe and our international people like germany in particular. so the latest trade that i've been doing is to add to the international space. >> my old friend and mentor, ralph, you've been the super bowl for a long time. the last time you were with us, though, you were starting to get nervous in the short term on this market. are you still? >> well, bill, we lost about 750 points in the first couple of weeks of august. we're oversold. the traders have a good time with this rally, investors sell into it. >> so you'd still sell? let me -- like i'm going to tell the master about this, but i ask the guys to build me a year-to-date chart of the dow, year-to-date. what i'm s
is next. >> $1. >> now we don't have a taper jar, but we have kelly evans with us today. i'm bill griffin here at cnbc headquarters. >> i'm kelly evans in today for maria. markets are in the green again but bill, the big question is why. >> indeed. strong economic data this morning. 2.5% gdp in the second quarter. better than many expected. news is cred good news by investors for once instead of worrying about fed tapering right now and there is sir why to talk about as well, right? >> now it seems like there is at least a pause before missiles fly. wall street seeming it like that news as well. we will have more coming up in a couple of minutes. >> all of those safe havens pulling back a bit. it is very interesting to see how the market responds. also if you google words high price divorce, you might come up with google co-founder reportedly splitting with his wife of six years. mother of their two children. he has about $22 billion in google voting shares. the question is, will she get half? will the pre-nup agreement hold up? and there is a lot more to this story including intriguing d
weekend. join us on tuesday. "squawk on the street" begins right now. ♪ >>> good friday morning. welcome to "squawk on the street." i'm carl quintanilla with kelly evans of the new york stock exchange along with mike santoli, senior columnist at yahoo! finance. faber and cramer are turning this weekend into a five-day weekend for david. good for them. futures like any great actor are asking what's my motivation today as likelihood of a strike on syria still very unclear. personal spending, barely rising. we're going the close out the month of august today thankfully barring a massive advance. it will be the worst month since may of 2012. europe still in the red as well after german retail sales unexpectedly dropped. >>> road map begins with markets in a holding pattern on this last trading day of the month. while deliberations by the u.s. and allies over intervention in syria stretch on. meantime, a new nbc news poll finds roughly half of americans are against military action. they are kicking off that iphone trade i told you about earlier. >>> and ge reportedly set to spin off its consu
after u.s. stocks logged their waft day in over a month. among the reasons that were cited, fed fears, you had fed president dennis lockhart and charles evans suggesting the central bank could begin tapering easy money program as early as september. there was some doubts after that lousy jobs report we got last friday. but there is more fed talk today. philadelphia's charles plosser will be speaking at 12:30 on his economic outlook and cleveland's sandro pianalto talking about an hour later on the regional economy. in the meantime, the bank of japan kicked off a two-day meeting today, widely expected to maintain its pledge of increasing monetary base at an annual pace of 600 billion to $0 $700 billion. t we'll be watching very chosely. european trading, you can see the stocks there are off a little bit too. the worst performances the ftse 100, down over 1.2%. down about 80 points. the u.s. equity futures here are looking like they are also indicated lower. the dow futures are indicated down by almost 60 points. s&p futures off by just over 7 points, and, again, the decline we saw yest
the market down about 64 points on the dow jones industrials average. ken mahoney is with us from mahoney asset management, michael from i-tech, and rich peterson from s&p capital iq and our own rick santelli. rick, we want to kick this off with you. we had a weaker than expected auction yesterday. >> the fixed income market found weaker demand for the three auctions totaling $72 billion, 3s, 10s, 30s. but it doesn't seem to have had a significant impact on the current structure. you know, we are slightly lower in yields, higher in price than we were yesterday, and the same could be true from a weekly per expectedive. i think the big story continues to be that the range is extended on interest rates and the curve is steeper, but it really hasn't gotten out of hand the last several weeks. as you can see on the three-week chart. the big story continues to be the dollar index. and maybe specifically how the european currencies, the bound and the euro, are doing better than the yen is. but the japanese don't want the yen to do better. they want to kickstart their export economy. i think next
risks of another bailout. >>> second quarter greek gdp data is out in one hour from now. >>> u.s. authorities may be stepping up their criminal investigation of jpmorgan. reports say they may arrest two former employees for allegedly hiding the size of losses. >>> and prudential is expected to raise its dividends thanks to growth in its asian and u.s. businesses when it reports for top numbers in 50 minutes' time. we speak to the ceo first on cnbc. that's at 10:35 c.t. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >> hello and good morning, everyone. ross is out on holiday this week, so i'll be filling in for him all this week. are emerging markets already a missed opportunity? at 10:20 c.t., very investigate the results that south africa may still hold a few diamonds in the rough. >>> drug crime has boomed globally despite continuing efforts of authorities. in the first episode in a week-long series on crime, we'll bring you a special reports on the drugs trade. >>> and greek gdp figures for the second quarter are released. >>> and t
is grounded. look at the stocks of american airlines and u.s. air, both depending on a deal to go through. american airlines down 48%. u.s. air down 11.5%. the proposed merger, the department of justice says consumers would be hurt and is suing to block that deal. so far, only investors are getting crushed today. we'll talk to a few lawyers who have opinions on that deal. >> let's get you caught up on the markets, how we've been trading so far this tuesday. the dip in the morning happened again, and then it returned. the market up 47 1/2 points on the dow at 15,467. that has been the trading pattern of late. nasdaq, higher. apple's helping right now, up 17 points or about .5% at 3,687. and the s&p 500 index is up 5.8 points at 1,695. bob pisani, apple story is a good one. >> reporter: apple will normally do about 10 million. icahn's definitely having an influence on the stock. we're probably at the highest level since january right now. here's the tweets here. had a nice conversation -- this is carl icahn -- with tim cook today. discussed my opinion about a larger buyback should be done n
's check in with dominik chu on what happened today. when will we hear from the nasdaq. dom, walk us through what happened today. >> let's get up to speed on the latest update around 3:41 eastern time. nasdaq said all operations were back to normal. we head into the "closing bell" with things at least relatively stable. at least that's the initial impression. earlier today, let's get you up to speed on what happened. as early as 12 or even before noon today we started to hear stories of trading anomalies around 12:20 they started to shut done stocks for trading p. this is taped c securities, one thing you might read about in the papers, going forward into tomorrow. nasdaq listed security here in the u.s. there was a problem with the pricing engine. they weren't able to get good date why out on prices so it affected the entire market. none of those nasdaq listed securities could trade. later on in the afternoon, we heard the nasdaq was going to try to restart things. this time they are going to restart things with 15-minute window where all they were going to do is aggregate and show
by more than 1% as investors price in a delay of any u.s. led strike. >>> indonesian central bankers hike their overneat benchmark interest rates 50 basis points to shore up investor confidence and curb their currency slide. >>> carrefour at the top of the cac quarante as they reap the benefits of its turn around plan. sales across europe sluggish despite the better performance in france. >>> all right. warm welcome to you. watching german -- german unemployment data is what we have got out. engineering orders have fallen 3% in july. and the central bank's forward guidance assures markets of low interest rates for the foreseeable future. what we're looking for is the unemployment jobless number. the jobless total down, sorry, up 7,000 versus reuters forecast for it to contract minus 5,000. the adjusted jobless rate, 6.8%, unchanged from july. plenty to get through today on the program. we'll continue our focus in germany. we head out to a siemens turbine plant to find out more about a job program that helps power the economy. annette is there. rather apropos. we'll speak to an asset manag
. that will do it for "closing bell." thanks for being with us. special show tomorrow from the manufacturing summit of walmart. we'll have mike duke the ceo and bill simon. "fast money" begins right now. live from the nasdaq market site in new york city's times square i'm mandy drewy sitting in for melissa lee tofrnt. our traders tonight, karen finerman tim seymour, john najarian and mike khouw. let's get to the big story. taper tantrum. it was a whip day for the markets. stocks and treasuries both initially sold off after the immediate minutes only to fully recover, then just selloff again. how did you trade it and what did you take away from the fed commentary. >> an awful lot of volatility today. bond markets, currency markets, everything moved a lot today. what i took away was actually i think the fed is less likely to potentially taper in september. i know the market took it a different way, but when i read the minutes and when i read the commentary afterwards, it seems to me that they're's one, data dependent. i don't think the data has been that great. they're l
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